Click to call 602-254-8880 24/7 Click Here for Free Consultation

Marital Property and Divorce: Your Questions Answered

This is a Guest Post from Perry Warren of Maselli Warren, PC.

One of the most common questions our lawyers get from clients going through their divorce is, “how much do I stand to lose?” Basically, the concern relates to marital property and how much the court may (or may not) require them to carve up with their soon-to-be ex spouse. For those with high value real property assets, including a business, the division of their property could result in dissolution of companies and significant financial difficulty. That’s why it’s important to understand what is at stake before making the first move.

States with Marital Property Laws

Around the country, states that consider assets acquired over the course of a marriage as ‘community property’ usually require those items be divided as equitably as possible when the couple splits for good. These states, including Arizona, don’t just consider marital assets to be homes or automobiles, but also pension funds, income, jewelry, bank accounts, and home furniture.  Yes, the court can legally split your retirement fund in half.

If your spouse wants to be vindictive by trying to ruin your business in the divorce, don’t worry – your legal team may be able to force the liquidation of all that expensive jewelry you bought for her. And vice versa. The point is remaining as friendly as possible through the process allows both people to emerge with their finances in as good a shape as is possible.

Separate Property from the Marriage

Not all property obtained during the marriage is community property during a marriage’s dissolution. Items, including money, that you receive as gifts during your marriage aren’t divisible in divorce. The court will require you show proof that the property or item in question is a gift. In addition, any property you owned prior to your marriage is exempt from the proceedings, providing that you can also show the court proof that you owned it before tying the knot.

By Equitable We Don’t Mean Equal

When our lawyers say ‘equitable’ in dividing marital property, we don’t necessarily mean equal. The court may decide that your spouse has a 70 percent stake in your marital home because they paid that portion of the mortgage. It’s only fair that they take away what they put in, though another judge might see the situation differently. One way to remove the wild card approach to asset dividing is to draw up – in cooperation with your legal teams – a settlement agreement. This document is a prearranged divvying up of property that both you and your ex spouse agrees upon before proceeding to court. Judges like these contracts because they streamline the process, which also makes finalizing your divorce much easier than if you both go into the proceedings with hot heads and cold hearts.

Divorce is never without emotion, but it doesn’t need to drag on and hinder your emotional and financial recovery. Hiring skilled divorced lawyers with a track record of success can turn a grief stricken moment into a positive, allowing you and those you love to close this chapter of your life and start fresh.

 

is a NJ bankruptcy attorney based out of Princeton. Perry is certified as a civil trial attorney by the Supreme Court of New Jersey and has tried and litigated substantial cases throughout New Jersey and Eastern Pennsylvania.

If you have a question about Divorce in Arizona, please call us at (602) 254-8880 or email us to schedule a free consultation with a family lawyer.

Click Here for Free ConsultationComparison Questions to Ask when Hiring a Lawyer

Request a Free Consultation

Fill out the form below to recieve a free and confidential intial consultation.

Click here for important legal disclaimer.

ASSOCIATIONS



Better Business Bureau
A+ Rating


Member Since 1989
American Bar Association


Superior DUI Attorney
American Bar Association


Top Valley Lawyer
North Valley Magazine


Life Member
Arizona Attorneys forCriminal Justice


Member
American Association for Justice


Sustaining Member
Arizona Trial Lawyers Association


Fellow Member
American Bar Foundation


Lifetime Charter Member
Best Attorneys of America


Member
DUI Defense Lawyers Association


Charter Member
Trial Masters


Top 10 Attorney
National Academy of Criminal Defense Attorneys


Member
National College forDUI Defense


Top 10 DUI/DWI Law Firm
American Institute of DUI / DWI Attorneys


Top 100 Lawyer
American Society of Legal Advocates


Client Satisfaction Award
American Institute of DUI / DWI Attorneys


Top 100 Trial Lawyers
(Criminal Defense)

American Trial Lawyers Association


Super Lawyer
Criminal & DUI Defense


Nation's Top 1% Attorney
National Association of Distinguished Counsel


AV-Highest Rated Preeminent Lawyers
Martindale-Hubbell